Page 1 - AAG061_RM Loan Process Checklist
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Home Equity Conversion Mortgage (HECM) Loan Process














        c                                                        c
                                                                      Processing of your Loan
              Talk with your Local Professional
               n   Discuss whether or not the HECM loan will             n  This is where the nuts and bolts of the loan take
                 accomplish your goal(s)                                  place. If anything additional is needed, one of
                                                                          our processors may reach out to you for help

             HUD Approved Counseling
        c
                                                                      Closing of your Loan
               n   You will be provided a list of HUD-approved   c
                 counselors                                              n  Once your loan has been approved it will

               n  You may attend in person or over the phone              move to the closing department. Your local
                                                                          professional will reach out to you to schedule
                                                                          the date, time and location to sign your closing
             Application                                                  documents. You have a 3 day right of rescission
        c                                                                 period after signing in which you may still
               n  You will be provided with a copy of everything          cancel the loan without penalty.
                 you sign during this process
               n   Attached is a list of everything your local
                                                                      Funding of the Loan
                 professional will need to collect at the time of   c
                 application                                             n   Your closing documents will be reviewed for
                                                                          any errors. If there are any errors someone
                                                                          from the funding department will reach out for
             Submission of your Loan Application
        c                                                                 corrections.
               n   Our opening department will start working on          n   When all closing documents have been
                 your loan as soon as the application and signed          approved your loan will fund and you will
                 counseling certificate are submitted                     never have a mortgage payment as long as
               n     You will receive a Welcome Call from one of          you live in your home and comply with all loan
                 our Specialists to ensure you experience the             terms, including paying taxes, insurance and
                 highest quality service here at AAG                      maintenance expenses.


        c                                                        c
                                                                      Servicing of your Loan
             Appraisal
               n   An independent, 3rd party, appraisal company          n  Once your loan has funded it will move to our
                 will be contacting you to schedule your                  servicer within about 90 days
                 appraisal                                               n   You will receive a booklet
               n   Please have your credit card number handy for          from servicing with contact
                 them to charge the appraisal fee                         information and important
                                                                          information as well as a
                                                                          monthly statement with your
                                                                          loan details





                                                                                       -Tom Selleck
        If you have any questions during any part of the process               AAG Paid Spokesperson
        please contact your local professional!                       “Bringing Stability to Your Retirement”
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